GTBank Drives Mobile Banking With *737* Code

Written By Idoma Television on Thursday, September 1, 2016 | 6:33:00 AM

Guaranty
Trust Bank Plc (GTBank) is giving innovative banking a priority. The
*737* mobile banking code emerged out of the need to meet and exceed
customers’ expectation. It is a mobile channel, which enables the bank’s
customers to conveniently perform third party transfers to both GTBank
and other bank account holders in Nigeria via mobile phones. This is
done by dialing the right code with details of the amount and account
number of the beneficiary, writes

Mobile
payment is where the world is heading. Financial institutions with
foresight on the future are redefining their commitment to electronic
payment, churning out products and services to serve customers better.

For
Guaranty Trust Bank Plc (GTBank) it is the right way to serve the
customers better. The lender unveiled the Bank *737* platform to help
deepen its mobile banking, to strengthen its leadership potentials in
the mobile banking space.

For GTBank, Bank
*737* is just a creativity that emerged out of the box. It is an
expression of outstanding intuition, which only very few brilliant
innovators can attempt. It is also one of the benefits of the cash-less
banking, which was one of the biggest news that hit the sector in
January 2012.

The objective, the Central Bank
of Nigeria (CBN) said, was to change the cash-driven economy and reduce
the rising cost of banking operations. The policy is also designed to
promote financial intermediation, financial inclusion, minimise revenue
leakages, eliminate robbery and encourage e-payment. The coming of
cashless financial system has indeed, given great opportunities to
institutions that possess the innovative instincts to break the bricks.
Ordinarily, one would not imagine that financial transactions could be
done without one inching close to any banking hall.

GTBank’s
Group Managing Director/CEO, Segun Agbaje, has consistently told the
bank’s customers that Bank *737* is an innovation whose time has come.
He was not joking when he told his customers that people might not have
any need to go into the banking halls for anything, anymore because they
can stay in the comfort of their homes and carry out banking
transactions.

To the bank chief, when the
electricity challenges are finally settled, more would come in the way
of innovation and that is the time a full classification of the
efficiency of the core financial institutions would be known. The
current bubble that greeted the fortunes of the bank could not be
unrelated to the level of innovation that has trailed the bank’s
creativity over the years, like ‘licensing’ a new bank, which runs on
phones.

That was why Agbaje could stand up
anywhere and tell a motley crowd of GTBank stakeholders that their bank
would make a whopping N125 billion profit after tax, some N30 billion
higher than its current record, in its 2016 financial activities without
fuss.

The bank, which prides itself as not
really affected by the backlash of the Treasury Single Account policy
(TSA), is greatly optimistic that it has not been a public sector bank
and would continue to innovate to find a flourishing middle ground for
its more than seven million customers in the country. He described the
2015 financial year as really a very bad year, “a very difficult year,
Credit Rediscount Rate(CRR) went up to 34 per cent, Commission on
Turnover (COT) was totally down and forex got so bad. “We are creating a
bank where you do not come into the bank to do anything. We are
leveraging technology to take people out of the banking hall.

“You
are going to do most of your banking activities today without coming to
the banking hall. We cannot achieve inclusive banking by building more
branches, but by providing more enabling platforms to get people do
more, and that is where banking is going,” Agbaje said.

While
pouring encomium on his staff, the CEO explained that his bank is not
excited about any form of merger and acquisition as his bank has planned
to grow organically.

He saw a lot that could
be done to attain the desired height even as he would want the bank to
do any good business that could add good value to the economy. He also
saw agriculture as a sector that needed a lot of push, but was quick to
indicate that agriculture loan books did not grow fast even as the
medieval industry remained key to the growth of the economy. There is no
doubt that Agbaje is an apostle of gradual and careful growth.

With
his bank’s current financial report, Agbaje looks good to keep the best
result among all the banks for the 2015 year, considering the fact that
banks whose business prospects look as good as that of GTBank may have
reported far less performance for the period. This explains the
progressive plan of the bank to remain on top as the most profitable
bank within the period in review.

With a gross
income rolling over N300 billion, there are clear indications that the
careful spending pattern the bank has adopted will further offer it some
more profit advantage. This may even grow in double digits as its new
IT platform will usher a new cost-cutting mechanism, as less emphasis on
new branches can really add up as new gains.

Agbaje
feels that the internet and telephone banking platforms are becoming
very successful. A good size of the youth, according to him, is in it
and they are enjoying the blitz.

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